Zogenix Inc. (ZGNX) Lowered to Sell at Zacks Investment Research
Zogenix Inc. (NASDAQ:ZGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Zogenix, Inc. is a pharmaceutical company engaged in the development and commercialization of treatment products for central nervous system disorders and pain. Its first commercial product, Sumavel DosePro is a needle-free Delivery System used in the treatment of acute migraine and cluster headache in a pre-filled, single-use delivery system. Its lead product candidate, ZX002, is a novel, oral and single-entity controlled-release formulation of hydrocodone used for the treatment of moderate to severe chronic pain in patients requiring around-the-clock opioid therapy. Zogenix, Inc. is headquartered in San Diego, CA. “
Other equities research analysts have also issued reports about the company. Leerink Swann reaffirmed an “outperform” rating and set a $17.00 target price on shares of Zogenix in a research report on Tuesday, October 4th. Brean Capital reaffirmed a “buy” rating and set a $28.00 target price on shares of Zogenix in a research report on Wednesday, September 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.50.
Shares of Zogenix (NASDAQ:ZGNX) traded down 3.38% during midday trading on Wednesday, hitting $9.71. The company had a trading volume of 56,598 shares. The company’s 50 day moving average is $9.69 and its 200 day moving average is $9.54. The firm’s market cap is $240.71 million. Zogenix has a one year low of $7.33 and a one year high of $16.56.
Zogenix (NASDAQ:ZGNX) last announced its earnings results on Tuesday, August 9th. The company reported ($0.76) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.05. The company had revenue of $2.10 million for the quarter, compared to analyst estimates of $5.36 million. Zogenix had a negative return on equity of 33.62% and a negative net margin of 192.64%. Zogenix’s revenue for the quarter was down 71.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($3.78) earnings per share. Equities analysts forecast that Zogenix will post ($3.24) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Zogenix by 6.6% in the second quarter. JPMorgan Chase & Co. now owns 13,530 shares of the company’s stock worth $109,000 after buying an additional 835 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Zogenix by 17.0% in the second quarter. Alliancebernstein L.P. now owns 16,512 shares of the company’s stock worth $133,000 after buying an additional 2,400 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Zogenix by 1.2% in the second quarter. ProShare Advisors LLC now owns 21,472 shares of the company’s stock worth $173,000 after buying an additional 252 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Zogenix by 15.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 19,892 shares of the company’s stock worth $184,000 after buying an additional 2,671 shares in the last quarter. Finally, Palo Alto Investors LLC increased its position in shares of Zogenix by 3.1% in the second quarter. Palo Alto Investors LLC now owns 29,500 shares of the company’s stock worth $237,000 after buying an additional 900 shares in the last quarter. Institutional investors and hedge funds own 84.91% of the company’s stock.
Zogenix, Inc is a pharmaceutical company engaged in developing and commercializing central nervous system (CNS) therapies that address specific clinical needs for people living with orphan and other CNS disorders in requirement of treatment alternatives. The Company’s areas of focus are epilepsy and schizophrenia.
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